Magnolia Oil & Gas Corp $MGY Shares Sold by Comerica Bank

Key Points

• Comerica Bank has decreased its holdings in Magnolia Oil & Gas Corp by 19.9%, now owning 92,660 shares worth approximately $2.34 million.
• Analysts have mixed ratings on Magnolia Oil & Gas, with a current average rating of "Hold" and a target price around $26.67.
• The company recently announced a $0.15 per share quarterly dividend with a yield of 2.4%, set to be paid on September 2nd.

Comerica Bank decreased its holdings in Magnolia Oil & Gas Corp (NYSE:MGY - Free Report) by 19.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 92,660 shares of the company's stock after selling 23,056 shares during the quarter. Comerica Bank's holdings in Magnolia Oil & Gas were worth $2,341,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in Magnolia Oil & Gas in the first quarter worth approximately $30,000. Parallel Advisors LLC increased its position in shares of Magnolia Oil & Gas by 122.8% in the first quarter. Parallel Advisors LLC now owns 2,308 shares of the company's stock worth $58,000 after acquiring an additional 1,272 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Magnolia Oil & Gas by 16.8% in the first quarter. Farther Finance Advisors LLC now owns 4,366 shares of the company's stock worth $111,000 after acquiring an additional 629 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Magnolia Oil & Gas by 34.3% in the first quarter. Smartleaf Asset Management LLC now owns 5,072 shares of the company's stock worth $128,000 after acquiring an additional 1,295 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of Magnolia Oil & Gas in the first quarter worth approximately $136,000. Institutional investors and hedge funds own 94.73% of the company's stock.

Wall Street Analysts Forecast Growth

MGY has been the topic of several analyst reports. Bank of America lifted their target price on shares of Magnolia Oil & Gas from $23.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. UBS Group reissued a "buy" rating and issued a $29.00 target price (up from $26.00) on shares of Magnolia Oil & Gas in a research report on Friday, June 13th. Piper Sandler lifted their target price on shares of Magnolia Oil & Gas from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Citigroup reissued a "sell" rating on shares of Magnolia Oil & Gas in a research report on Thursday, July 10th. Finally, Wells Fargo & Company decreased their price target on shares of Magnolia Oil & Gas from $22.00 to $21.00 and set an "underweight" rating for the company in a report on Monday, June 16th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $26.67.

Magnolia Oil & Gas Stock Performance

MGY stock opened at $24.96 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market cap of $4.76 billion, a P/E ratio of 13.07, a P/E/G ratio of 3.28 and a beta of 1.33. The firm has a 50 day simple moving average of $23.60 and a 200 day simple moving average of $23.00. Magnolia Oil & Gas Corp has a 52 week low of $19.09 and a 52 week high of $29.02.

Magnolia Oil & Gas (NYSE:MGY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $318.98 million during the quarter, compared to analysts' expectations of $311.58 million. Magnolia Oil & Gas had a net margin of 27.57% and a return on equity of 19.34%. The firm's quarterly revenue was down 5.3% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share. Research analysts anticipate that Magnolia Oil & Gas Corp will post 2.1 earnings per share for the current fiscal year.

Magnolia Oil & Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 11th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Monday, August 11th. Magnolia Oil & Gas's dividend payout ratio (DPR) is presently 31.41%.

Magnolia Oil & Gas Company Profile

Magnolia Oil & Gas Corp. engages in the acquisition, development, exploration, and production of oil and natural gas properties. It operates assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas. The company was founded on February 14, 2017 and is headquartered in Houston, TX.

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